Comments by "Tony Wilson" (@tonywilson4713) on "Bari Weiss Got $500k From GOP Sugar Daddy Harlan Crow To Start 'Anti-Woke' Nonprofit" video.
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@dthomas9230 Yeah I have been informally studying economics for a couple of years. Mainly listening to a lot of lectures, book talks and discussions here on YT. I'm an engineer and simply wanted to learn how to speak to economists. You see - we get a lot of interference in engineering from people waving economics degrees.
Any how - one of the recurrent themes (or memes) of neoliberalism (Reaganomics, Thatcherism,...) is unfunded tax cuts. These are tax cuts that are not matched by equivalent reductions in government spending or increases in other taxes. Famously the son of Reagans VP - Dubya gave tax cuts at the same time he started a war and people told him it takes REAL MONEY to fight a war. Yeah it didn't work out well.
One of the great fallacies of neoliberalism is the concept of trickle down economics. Its basically where they give massive tax cuts to the top 10% who then invest that money into industry and thus create jobs. Those newly employed people then pay tax making up for the tax cuts given to the wealthy.
It sounds simple and even might be considered logical. EXCEPT ITS NEVER WORKED and every time its been tried it lead to unsustainable government debt THEN a depression AND THEN a war or revolution.
Its because of one very simple fact.
Wealthy people DO NOT invest in economic growth they invest in profit growth. As Milton Friedman said "There is one and only one social responsibility of business—to use its resources and engage in activities designed to increase its profits..." Governments are the opposite. They invest (with some exceptions) in social growth - education, infrastructure, power stations, new technologies,...
Its a distinction that to my engineering brain is obvious but I have NOT SEEN 1 economist voice that distinction. This is why there's the growing wealth gap, soaring energy prices, soaring food prices, soaring education costs,.... and on top of all that heaps of social unrest. All the neoliberal economists are trying it shut down government functionality when in fact they actually need government functionality because it feeds them resources like a trained, healthy, productive workforce who aren't wanting to hang the CEO.
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